37-49 warrington street ashton-under-lyne ol6 7jg · 2019. 11. 13. · ashton-under-lyne high...

HIGH YIELDING UNBROKEN PARADE 6.5 MILES FROM MANCHESTER CITY CENTRE

37-49 WARRINGTON STREET ASHTON-UNDER-LYNE OL6 7JG

37-49 WARRINGTON STREET ASHTON-UNDER-LYNE


Ashton Retail Park

SUBJECT PROPERTY

Ashton Market

Ashton Market

Ashton Town Hall

Tameside One

Ashton-under-Lyne Train Station

Ashton Bus Station

6.5 MILES MANCHESTER CITY CENTRE

WAR

RING

TON

STRE

ET

Interchange

INVESTMENT CONSIDERATIONS ■ Prominent unbroken parade in the very heart of the popular town

of Ashton-under-Lyne

■ Located just 6.5 miles east of Manchester City Centre

■ Very strong tenant line up including McDonald’s, Shoe Zone, Paddy Power and Tameside Council

■ Total passing rent of £425,505 per annum

■ McDonald’s have just signed a new 10 year lease (TOB 5th year)

■ Numerous asset management opportunities including the letting of the vacant units and potential future utilisation of the upper floors

■ Substantial property providing 31,200 sq ft (2,900 sq m)

■ Freehold

■ The town has seen and continues to see significant investment upwards of £100 million



■ We are instructed to seek offers in excess of £2,400,000 (Two Million, Four Hundred Thousand Pounds) subject to contract and VAT. A purchase at this level would reflect a Net Initial Yield of 16.67%, including rental guarantees on two units and allowing for standard purchaser’s costs of 6.36%.

ASHTON-UNDER-LYNE

MANCHESTER6.5 MILES

HYDE

SALFORD

STRETFORD

Failsworth

A57

A56

A57

A57

A6

A6

A6

A627

A670

A670

A627

A560

A628

A628

A628

A662

A635

A6140 B6194

A6017

A6010A6017

A6017

A635

A576

J1

J3

J3

J5

J6

J7

J1A

J24

J25

J26

J27

J23

J22

M60

M602

A57(M)

M60

M60

M60

M60

M60

M67

LOCATION

The market town of Ashton-under-Lyne forms part of Greater Manchester in the north west of England. The town is located approximately 6.5 miles (10.5 km) east of Manchester City Centre on the north bank of the River Tame, in the foothills of the Pennines. Huddersfield is situated approximately 20 miles north east, Sheffield is 30 miles (48 km) south east and Liverpool is 45 miles (72 km) to the west.

CARAshton-under-Lyne benefits from excellent road communications with easy accessibility to the national road network via the M60 motorway junction 23 located on the town’s western edge. Furthermore the A635 passes through the town providing a direct link to Manchester City Centre; the M67 is situated just 4 miles (6.4 km) south of the town connecting to other greater Manchester towns.

RAILThe town benefits from strong rail services with two trains per hour to Manchester Victoria and Stalybridge, with London within easy reach from Manchester in just over 2 hours. Tram services run from the town to Manchester in approximately 35 minutes, with direct access to Salford Quays, MediaCity and Eccles.

METROLINK Ashton-under-Lyne benefits from Manchester’s light rail transit system the Metrolink, which has improved access to the city centre and has reduced road congestion. The network has been expanded with new lines across the city centre as well as an extension to Manchester Airport to the south and to Oldham and Rochdale in the north. The Metrolink currently transports over 20 million passengers every year.

PLANEManchester International Airport is approximately 14 miles (22.5 km) south west of Ashton-under-Lyne and is the busiest airport in the UK outside of London, with further plans to extend over the next 10 years. The airport handles over 23m passengers a year with over 100 airlines making more than 200 international flights every day serving 225 destinations worldwide.





SITUATION

The property occupies a prominent position on the corner of Old Street and Warrington Street, in the heart of Ashton-under-Lyne, one of the town’s prime retail pitches. The Arcades Shopping centre is to the north of the property, drawing the majority of the footfall onto Warrington Street. Manchester IKEA is only 0.5 miles (0.8 km) to the north west of the property.

The town’s outdoor market is situated opposite and directly in front of the main entrance to the Ladysmith Shopping Centre. The market is open 9:00 – 5:30 daily except for Sundays, with the ‘outdoor market’ open every day. The market has both an indoor presence (81 indoor stalls) plus 140 stalls in the ‘outdoor market’ and provides an important retail focus within the town centre.

HARRI

NGTO

N

& HALL

WORTH

FORM

ER

SLOTW

ORLD

AMUSEM

ENTS

FORMER

THOMAS

COOK

© Crown Copyright, ES 100004106. For identification purposes only.

DESCRIPTIONThe property comprises a prominent multi-let retail parade fronting the pedestrianised section of Warrington Street with return frontage to Old Street. The units are primarily occupied as ground floor retail space with ancillary sales and storage above. The majority of the upper floors are used as office space which is accessed directly from Old Street and occupied by Tameside Metropolitan Borough Council.

The property is constructed with brick elevations with retail frontage and fit out to the ground floor. Modern uPVC windows have been installed throughout the upper floor offices beneath a flat roof. The upper floor offices also have the benefit of a passenger lift.

A large service yard accessed from Oak Street serves the rear of the retail units and is shared with adjoining occupiers.



TENANCY SCHEDULE

Address Tenant Floor Sq ft Sq m Total Sq Ft**

Total Sq m

Lease Start Rent Review Tenant Break Lease Expiry Passing Rent p.a.

Comment

37 Warrington Street Harrington & Hallworth Ltd Ground 1st Floor

2,171 2,168

202 201

4,339 403 21/12/2005 21/12//2020 20/12/2030 £82,000

39 Warrington Street Power Leisure Bookmakers Ltd Ground 1st Floor

1,512 511

140 47

2,023 188 2/5/2014 2/5/2019 1/5/2024 1/5/2029 £55,000 2019 rent review outstanding.

41 Warrington Street Shoe Zone Retail Ltd Ground 1st Floor

2,143 574

199 53

2,717 252 3/5/2017 2/5/2022 £35,000 Re-based rent.

43 Warrington Street Landlord Rental Guarantee - Currently Vacant

Ground 1,611 150 1,611 150 One year guarantee from Completion

*£35,000

45 Warrington Street The People’s Dispensary For Sick Animals

Ground 1st Floor

1,548 1,173

144 109

2,721 253 21/2/2019 20/2/2024 £34,000

47 Warrington Street T-Mobile (UK) Ltd Ground 1st Floor

1,499 563

139 52

2,061 192 20/2/2006 19/2/2021 £60,000 The tenant is not currently in occupation.

49a Warrington Street McDonald’s Restaurants Ltd Ground 3,323 309 6,266 582 29/9/2019 29/9/2024 29/9/2024 28/9/2029 £39,500 Have occupied since 1984. We understand that McDonald’s are to invest £1m into property refurbishment. 6 month rent penalty if break exercised.

49 Warrington Street Landlord Rental Guarantee - Former Thomas Cook - Currently Vacant

Ground 1,492 139 1,492 139 One year guarantee from Completion

*£32,500 Formerly sublet from McDonald’s demise in old lease and let to TCCT Ltd. Ongoing negotiations with Hays Travel to acquire the unit.

1st floor 49 & 49 A Warrington Street

Lee Winters 1st Floor 2,034 189 2,034 189 01/07/2018 27/06/2019 £14,955 Tenant is holding over and is in discussions to take new 5 year lease at £16,000 pa.

1, 2 & 3 2nd Floor Stamford Chambers, OL6 7RX

Tameside Metropolitan Borough Council

2nd floor 5,936 552 5,936 552 4/10/2016 3/10/2019 £37,550 Currently with solicitors to be renewed - New lease for a term of 9 years with TBO in years 3 & 6.

TOTAL 31,200 2,900 £425,505

*The landlord will provide a rental guarantee for the unit of one year.**Measurements are approximate only and should not be solely relied upon, any interested parties should carry out their own measured survey.



INTERNAL MCDONALDS



INVESTMENT INTO ASHTON-UNDER-LYNEDue to its close proximity to Manchester City Centre, Ashton-under-Lyne has benefited from a large amount of inward investment into the town centre over the last few years. One of the largest developments includes the £76 million council led Vision Tameside Project, which is situated 150 metres from the subject property. Phase 1 & 2 of the project, which are now complete, included the construction of a new 160,000 sq ft college facility, Sports Academy, public library and a purpose built retail unit. Phase 3 will focus on the re-development on the Beaufort Road Campus. It is estimated that the Vision Tameside project will bring £300m of economic growth to the area, resulting in a number of new jobs, and a large increase of footfall in the town centre (Source: Tameside Metropolitan Borough Council).

Adjacent to the Vision Tameside Project, approximately 300 metres from the subject property, works are ongoing on the £33m construction on Ashton-under-Lyne’s new public interchange building which will result in improved facilities and the increase of bus routes into the town centre and overall efficiency.

Manchester Airport, which is 13.5 miles (21.7 km) from Ashton-under-Lyne, is currently undergoing a £1 billion modernisation which will transform the airport into the third busiest airport in the UK by 2024 expecting to serve over £55m passengers a year (Source: Manchester Airport Group).

£48m of developments

concluded in the last year within

a 300m radius

£300m economic

town centre growth expected

£61m ongoing

development projects within a

300m radius

£1bn transformation

of Manchester Airport

Misrepresentation Act: 1. Allsop LLP and Christopher Dee on its own behalf and on behalf of the instructing party of this portfolio whose agent Allsop and Christopher Dee is, gives notice that: (a) these particulars do not constitute in whole or in part an offer or contract for sale or lease; (b) none of the statements contained in these particulars as to the property are to be relied on as statements or representations of fact; and (c) the instructing party does not make or give, and neither Allsop or Christopher Dee nor any of their members or any person in its employment has any authority to make or give, any representation or warranty whatsoever in relation to the property. The only representations, warranties, undertakings and contractual obligations to be given or undertaken by the instructing party are those contained and expressly referred to in the written contract for sale or agreement for lease between the instructing party and a purchaser or tenant. 2. Prospective purchasers or tenants are strongly advised to: (a) satisfy themselves as to the correctness of each statement contained in these particulars; (b) inspect the property and the neighbouring area; (c) ensure that any items expressed to be included are available and in working order; (d) arrange a full structural (and where appropriate environmental) survey of the property; and (e) carry out all necessary searches and enquiries. Allsop is the trading name of Allsop LLP. Design CommandD www.commandHQ.co.uk 11.19

PROPOSALWe are instructed to seek offers in excess of £2,400,000 (Two Million, Four Hundred Thousand Pounds) subject to contract and VAT. A purchase at this level would reflect a Net Initial Yield of 16.67%, including the rental guarantee on one unit and allowing for standard purchaser’s costs of 6.36%.

EPCThe properties EPC’s can be downloaded from the data room.

VATWe understand the property has been elected for VAT.

AMLA successful bidder will be required to provide information to satisfy the AML requirements when Head of Terms are agreed.

DATAROOMFor access to Allsop Dataroom please use the following link: https://datarooms.allsop.co.uk/register/ashton

Liam Stray020 7543 [email protected]

Mark Powell07825 077 [email protected]

For further information or to make arrangements for viewing please contact:

Gergo Petrovics020 7543 [email protected]

James Kinsler07825 870 [email protected] christopherdee.co.uk

37-49 warrington street ashton-under-lyne ol6 7jg · 2019. 11. 13. · ashton-under-lyne high...

Documents